A ‘monster pace’ for Tesla and 6 other predictions for a week of extraordinary earnings

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Stocks are struggling to orient themselves into the start of the busiest week of the earnings season. About a third of the S&P 500 SPX Index, + 1.09% will report first quarter earnings this week, with Tesla TSLA, + 1.35% and Big Tech companies likely to attract the most interest from investors.

Tesla will start on Monday after the close, followed by Microsoft MSFT, + 1.55% and Alphabet GOOG, owned by Google, + 2.09% on Tuesday, Facebook FB, + 1.55% and Apple AAPL, + 1.80% on Wednesday and Amazon. com on Thursday. There’s also the little matter of a Federal Reserve policy meeting and first-quarter US gross domestic product (GDP) data.On our call for the day, Mott Capital’s Michael Kramer said he wouldn’t be surprised. see Tesla post a “monster earnings hit.” “The reason is simple, bitcoin increased dramatically during the first quarter, and those unrealized gains will show up in other income. So it’s prudent to take that into account to understand how good the results are. ”Elon Musk’s company bought $ 1.5 billion worth of bitcoin in February, after which the cryptocurrency rose to new all-time highs in April before backtracking. Tesla has already reported first-quarter deliveries that broke expectations. However, Kramer said that Tesla shares have been trending down, with a possible ‘bearish flag’ suggesting lower prices in the future. for the stock to go up to around $ 800 first. But once it goes above $ 700, it is likely to be the start of a fairly steep and prolonged decline. ”As for bitcoin BTCUSD, + 11.32%, Kramer He warned of the formation of a ‘bearish flag’ and said the current period of consolidation is likely to end with “another sharp drop.” The cryptocurrency suffered its biggest weekly loss since March 2020 last week, briefly falling by under $ 50,000. Bitcoin rose 11% early Monday to trade at $ 53,406, according to CoinDesk. Kramer said that the next support level is likely to be between $ 42,000 and $ 43,000. Let’s go back to Big Tech earnings and Mott Capital sees different fortunes for the trio of Apple, Amazon and Microsoft. Kramer said that even though Amazon is holding a bullish flag, he expected the stock to rise to around $ 3,485 before the gains, but to pull back some of those gains and drop towards $ 3,000. It could be a similar story for Apple, with the stock climbing to $ 138 before earnings before falling back to $ 127 in the days after, Kramer said, citing the company’s lack of guidance. But Microsoft could be ready to continue its upward momentum, rebounding further toward $ 280, he said. When it comes to the high-tech Nasdaq Composite COMP, + 1.44%, Mott Capital sees a “clear downtrend”, which they expected to resume. However, the S&P 500 is more finely balanced, but it failed to quickly break through Friday’s highs on Monday, but it means that its current level of around 4,185 becomes a short-term high for the market. , -0.10% NQ00, -0.38% pointed slightly lower before the open. European stocks were flat in early trading, but the continent’s travel names made a profit on reports that vaccinated Americans could travel to Europe this summer. the New York Times reported Sunday. Elon Musk will host “Saturday Night Live” on May 8th. This is what your opening monologue (drafted by the SEC) could be. Four GameStop executives are likely to leave the company with acquired shares now valued at approximately $ 290 million following the stock price surge this year, The Wall Street Journal reported. Oscar 2021: Chloe Zhao’s “Nomadland” won best picture at the 93rd Academy Awards on Sunday, where Chinese-born Zhao also became the second woman to win the best director award and the first woman of color. offer to buy Arsenal with the help of three of the best players in the history of the football club. Hundreds ‘fight’ over Josh’s name in the Nebraska Need to Know pool noodle fight starts early and updates until the opening bell, but sign up here to receive it once in your email box. The emailed version will ship at approximately 7:30 am ET. Do you want more for the next day? Sign up for The Barron’s Daily, a morning investor briefing, featuring exclusive commentary from the Barron’s and MarketWatch writers.